Crowding-in and crowding-out effects of corporate philanthropy on R&D investment

被引：2
|
作者：
Zhang, Shuxia [1 ]
Xu, Liping [2 ]
Liu, Ning [2 ]
机构：
[1] Hunan Univ Sci & Technol, Sch Business, Xiangtan, Peoples R China
[2] Hunan Univ, Sch Business, Changsha, Peoples R China
来源：
MANAGERIAL AND DECISION ECONOMICS | 2022年 / 43卷 / 06期
基金：
中国国家自然科学基金;
关键词：
SOCIAL-RESPONSIBILITY; FINANCING CONSTRAINTS; OWNERSHIP STRUCTURE; AGENCY THEORY; FIRM; PERFORMANCE; COSTS; BENEFITS; BEHAVIOR; SLACK;
D O I：
10.1002/mde.3491
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a sample of Chinese-listed firms over the period 2007-2018, this study investigates the effect of corporate philanthropy (CP) on research and development (R&D) investment and the mechanisms involved. The results show that an inverted U-shaped relationship exists between CP and R&D investment, suggesting that CP first has a crowding-in effect and then a crowding-out effect on R&D investment. Further mechanism analysis shows that the crowding-in effect of CP on R&D investment is partly realized through the path of obtaining government subsidies and mitigating financing constraints, and the crowding-out effect is partly the result of agency conflicts and resource allocation.
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页码：1835 / 1849
页数：15
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